Late Fees

See the How to document #213 for a complete explanation of the late fee profile and how to charge late fees.

This field contains the Late Fee structure you wish to use for this lease. Select from the Find List of late fee profiles created in Setup, Late Fee. If you have not set up a late fee profile for the rate structure for this lease, click on the folder button and a blank Late Fee Profile screen will appear so you can add one.

If no late fee profile is selected the tenant will not be charged late fees. He will also not show up on the Past Due Rent report. If you want the tenant to show on the Past Due Rent report but not be charged late fees, create a Late Fee Profile for No Fee.

Grace Period

If the Late Fee Profile selected above contains a Grace Period in Days, that number from that profile will fill in here. If not, enter the grace period for assessing late fees. Assuming the rent is due on the 1st of the month and the grace period is 5 days, a payment is late starting on the 7th and will appear in a list of late fee candidates from that date on until payment is made. The grace period in this field is the grace period used to determine late fee candidates.